Bitcoinis highly impacted by the current economic climate, even more so than the stock exchange or options trading. Before engaging in Bitcointrades, learn about trade imbalances, interest rates, fiscal and monetary policy. When you do not know what to do, it is good way to fail.
When bitcointrading, you should keep in mind that up market and down market patterns are always visible, but one will be more dominant than the other. Selling signals is simple in a positive market. Your goal should be choosing trades based on what is trending.
Don't use information from other traders to place your trades -- do your own research. Bitcointraders are all human, meaning they will brag about their wins, but not direct attention to their losses. Even if a trader is an expert, he can still make mistakes. Use only your trading plan and signals to plot your trades.
It is extremely important to research any broker you plan on using for your managed bitcoinaccount. Select a broker that has been on the market for a long time and that has shown good results.
Some traders think that their stop loss markers show up somehow on other traders' charts or are otherwise visible to the overall market, making a given currency fall to a price just outside of the majority of the stops before heading back up. This is not true, and you should never trade without having stop loss markers.
Stick with go your goals and strategy. Before you start trading in the currency markets, figure out what you want to achieve, and give yourself a timeframe for achieving it. Give yourself some room to make mistakes. Assess your own available time that can be dedicated to the Bitcointrading process, and remember that research is a crucial element.
You need to pick an account type based on how much you know and what you expect to do with the account. Realistically acknowledge what your limits are. Obviously, becoming a successful trader takes time. With respect to account types, it is usually better to have an account which has lower leverage. If you are just starting out, get a smaller practice account. These accounts have only a small amount of risk, if any at all. Try to start small and learn the ropes before you begin trading hardcore.
Products such as BitcoineBooks or robots that promise to imbue you with wealth are only a waste of your money. These products offer you little success, packed as they are with dodgy and untested trading concepts. Remember that these things are designed to make money for their creators, not their buyers. Avoid these scams, and spend your money for some one on one lessons with an established bitcointrader.
Once you have developed your strategies and learned the ins and outs of the market, you should be able to make some significant profits. Always stay in touch with current trends. Staying informed can really help you to be successful in bitcointrading.
